<p><strong>奈飞</strong>(NFLX -2.73%) 在 7 月 17 日公布第二季度业绩时再次实现了强劲的收入和盈利增长，但股票在消息公布后仍然下跌。这家视频流媒体公司今年表现强劲，截至 7 月 21 日市场收盘，股价上涨了 38%，尽管出现了回调。因此，市场对这份报告的预期很高。</p>
<p>作为多年来的巨大市场赢家，让我们看看这次回调是否可能是一个买入机会，特别是在公司上调了其指引之后。</p>
<h2>稳健的增长和乐观的前景</h2>
<p>奈飞表示，其成功的关键在于提供多样化的优质系列和电影，以引起观众的共鸣。它指出，一部热门节目或电影通常只占总观看时间的约 1%，因此它寻求在各个地区和类型中持续提供优质内容，以留住观众并吸引新观众。</p>
<p>作为一家国际公司，奈飞还采用了 “本地化内容” 策略，以吸引和连接观众。它表示，非英语内容现在占其观看时长的三分之一以上。同时，这些节目也可以在美国观众中成为热门，例如来自韩国的《鱿鱼游戏》或日本的《边缘行者》。</p>
<p>奈飞对本地内容的投资正在推动其业绩，因为国际收入增长超过了美国和加拿大的增长。这一趋势在第二季度继续保持。</p>
<p>亚太地区的增长领先，收入增长 24%，达到 13 亿美元，而 EMEA（欧洲、中东和非洲）收入跃升 18%，达到 35 亿美元。拉丁美洲收入增长 9%，达到 13 亿美元，但在当地货币中增长了 23%。与此同时，美国和加拿大的收入增长 15%，达到 49 亿美元。</p>
<p>奈飞的整体收入增长 16%，达到 110.8 亿美元，略高于 <strong>LSEG</strong> 汇编的 110.7 亿美元的分析师共识。每股收益（EPS）飙升 47%，达到 7.19 美元，超过了 7.08 美元的分析师共识。</p>
<p>目前，奈飞的收入增长主要来自于价格上涨和会员增加。然而，发展广告业务是一个优先事项。预计其广告收入今年将翻倍，并且最近已将其新的广告技术平台推广到所有广告市场。</p>
<p>该公司还继续扩展其直播节目，包括拳击比赛和两场定于圣诞节的 NFL 比赛。它还通过播出 WWE 的《周一夜生》提供每周的直播节目。</p>
<p>展望未来，奈飞预计第三季度收入将增长 17%，运营利润率为 31%。它表示，由于内容摊销和与其更大下半年内容计划相关的销售和营销成本，第二季度的运营利润率将低于上半年。</p>
<p>对于全年，它上调了收入指引，将其范围提高到 448 亿美元至 452 亿美元，高于之前的 435 亿美元至 445 亿美元的预期。它还将运营利润率的预期从 29% 提高到 30%。汇率变化大约占运营利润率增长的一半。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjU3NzUvZ2V0dHlpbWFnZXMtMTAzODQ5MTY5NC5qcGcmdz03MDA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjU3NzUvZ2V0dHlpbWFnZXMtMTAzODQ5MTY5NC5qcGcmdz03MDA"/></p>
<p>图片来源：Getty Images。</p>
<h2>投资者应该买入回调吗？</h2>
<p>奈飞的股票在盈利前表现强劲，因此市场预期很高。公司交出了稳健的业绩并提升了前景，尽管这并不足以让投资者继续推动股价上涨。报告发布后，股价下跌约 1.6%。</p>
<p>尽管如此，奈飞的基本面没有发生根本变化。公司仍然受益于价格上涨，同时其会员数量继续增长，尤其是在国际市场。与此同时，随着其广告分层计划和直播内容规模的扩大，广告将成为公司未来最大的增长驱动力。</p>
<p>然而，考虑到该股票的前瞻市盈率（P/E）为 47 倍，基于分析师对 2025 年的预估，即使在回调后，我也不会在当前水平买入。我认为该股票在长期内具有良好的潜力，但我仍希望在进入之前能有更便宜的估值。</p>

奈飞

<p>奈飞报告了强劲的第二季度业绩，收入增长 16% 至 110.8 亿美元，每股收益增长 47% 至 7.19 美元，超出分析师预期。尽管将全年收入指引上调至 448 亿至 452 亿美元，但报告发布后股价下跌 1.6%。该公司正专注于国际增长和广告收入，预计今年广告收入将翻倍。然而，考虑到 2025 年的前瞻市盈率为 47，一些分析师建议在购买股票之前等待更好的估值，尽管其长期潜力依然存在</p>

<p><strong>Netflix</strong>(NFLX -2.73%) once again delivered strong revenue and earnings growth when it reported its Q2 results on July 17, but the stock nonetheless fell on the news. The video streaming company has been a strong performer this year, with the stock up 38% year to date as of market close July 21 despite the pullback. As such, expectations were high going into the report.</p>
<div class="lb-trans"><p><strong>奈飞</strong>(NFLX -2.73%) 在 7 月 17 日公布第二季度业绩时再次实现了强劲的收入和盈利增长，但股票在消息公布后仍然下跌。这家视频流媒体公司今年表现强劲，截至 7 月 21 日市场收盘，股价上涨了 38%，尽管出现了回调。因此，市场对这份报告的预期很高。</p>
</div><p>A huge market winner over the years, let's see if this pullback could be a buying opportunity, especially after the company raised its guidance.</p>
<div class="lb-trans"><p>作为多年来的巨大市场赢家，让我们看看这次回调是否可能是一个买入机会，特别是在公司上调了其指引之后。</p>
</div><h2>Solid growth and upbeat outlook</h2>
<div class="lb-trans"><h2>稳健的增长和乐观的前景</h2>
</div><p>Netflix said the key to its success is offering a wide array of quality series and films that resonate with its viewers. It noted that a hit show or film typically only accounts for about 1% of total viewing, so it looks for a continuous stream of quality content across regions and genres to keep viewers and bring in new ones.</p>
<div class="lb-trans"><p>奈飞表示，其成功的关键在于提供多样化的优质系列和电影，以引起观众的共鸣。它指出，一部热门节目或电影通常只占总观看时间的约 1%，因此它寻求在各个地区和类型中持续提供优质内容，以留住观众并吸引新观众。</p>
</div><p>As an international company, Netflix is also using a &#34;local for local&#34; content strategy to appeal and connect with audiences in their home countries. It said non-English content now makes up more than one-third of its viewing hours. Meanwhile, these shows can also become hits with American audiences, such as <em>Squid Game</em> from Korea, or Japan's <em>Alice in Borderland</em>.</p>
<div class="lb-trans"><p>作为一家国际公司，奈飞还采用了 “本地化内容” 策略，以吸引和连接观众。它表示，非英语内容现在占其观看时长的三分之一以上。同时，这些节目也可以在美国观众中成为热门，例如来自韩国的《鱿鱼游戏》或日本的《边缘行者》。</p>
</div><p>Netflix's investment in local content has been helping drive its results, as international revenue growth has been outpacing U.S. and Canadian growth. This continued in Q2.</p>
<div class="lb-trans"><p>奈飞对本地内容的投资正在推动其业绩，因为国际收入增长超过了美国和加拿大的增长。这一趋势在第二季度继续保持。</p>
</div><p>Asia-Pacific growth led the way, with revenue climbing 24% to $1.3 billion, while EMEA (Europe, Middle East, &amp; Africa) revenue jumped 18% to $3.5 billion. Latin American revenue rose 9% to $1.3 billion, but was up 23% in local currencies. U.S. and Canada revenue, meanwhile, grew 15% to $4.9 billion.</p>
<div class="lb-trans"><p>亚太地区的增长领先，收入增长 24%，达到 13 亿美元，而 EMEA（欧洲、中东和非洲）收入跃升 18%，达到 35 亿美元。拉丁美洲收入增长 9%，达到 13 亿美元，但在当地货币中增长了 23%。与此同时，美国和加拿大的收入增长 15%，达到 49 亿美元。</p>
</div><p>Netflix's overall revenue rose 16% to $11.08 billion, which was just ahead of the $11.07 billion analyst consensus, as compiled by <strong>LSEG</strong>. Earnings per share (EPS) soared 47% to $7.19, surpassing the $7.08 analyst consensus.</p>
<div class="lb-trans"><p>奈飞的整体收入增长 16%，达到 110.8 亿美元，略高于 <strong>LSEG</strong> 汇编的 110.7 亿美元的分析师共识。每股收益（EPS）飙升 47%，达到 7.19 美元，超过了 7.08 美元的分析师共识。</p>
</div><p>Most of Netflix's revenue growth currently appears to be coming from price increases and membership additions. However, growing its ad business is a priority. Its ad revenue is expected to double this year, and it recently rolled out its new adtech platform to all of its ad markets.</p>
<div class="lb-trans"><p>目前，奈飞的收入增长主要来自于价格上涨和会员增加。然而，发展广告业务是一个优先事项。预计其广告收入今年将翻倍，并且最近已将其新的广告技术平台推广到所有广告市场。</p>
</div><p>The company also continues to expand its live programming, including boxing matches and two scheduled NFL games on Christmas. It also has weekly live programming through its broadcast of WWE's <em>Monday Night Raw</em>.</p>
<div class="lb-trans"><p>该公司还继续扩展其直播节目，包括拳击比赛和两场定于圣诞节的 NFL 比赛。它还通过播出 WWE 的《周一夜生》提供每周的直播节目。</p>
</div><p>Looking ahead, Netflix guided for Q3 revenue to climb 17% with a 31% operating margin. It said its second-half operating margin will be lower than the first half due to higher content amortization and sales and marketing costs related to its larger second-half content slate.</p>
<div class="lb-trans"><p>展望未来，奈飞预计第三季度收入将增长 17%，运营利润率为 31%。它表示，由于内容摊销和与其更大下半年内容计划相关的销售和营销成本，第二季度的运营利润率将低于上半年。</p>
</div><p>For the full year, it raised it revenue guidance, taking it to a range of $44.8 billion to $45.2 billion, up from a prior outlook of between $43.5 billion to $44.5 billion. It also increased its operating margin outlook from 29% to 30%. Currency rates are responsible for about half the operating margin increase.</p>
<div class="lb-trans"><p>对于全年，它上调了收入指引，将其范围提高到 448 亿美元至 452 亿美元，高于之前的 435 亿美元至 445 亿美元的预期。它还将运营利润率的预期从 29% 提高到 30%。汇率变化大约占运营利润率增长的一半。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjU3NzUvZ2V0dHlpbWFnZXMtMTAzODQ5MTY5NC5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F825775%2Fgettyimages-1038491694.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><h2>Should investors buy the pullback?</h2>
<div class="lb-trans"><h2>投资者应该买入回调吗？</h2>
</div><p>Netflix stock had a strong year leading up to earnings, so expectations were high. The company turned in solid results and boosted its outlook, although that was not enough for investors to continue to push the stock higher. The stock is down about 1.6% after the report.</p>
<div class="lb-trans"><p>奈飞的股票在盈利前表现强劲，因此市场预期很高。公司交出了稳健的业绩并提升了前景，尽管这并不足以让投资者继续推动股价上涨。报告发布后，股价下跌约 1.6%。</p>
</div><p>That said, nothing has fundamentally changed with Netflix's story. The company is still benefiting from price increases, while its membership numbers continue to grow, especially in international markets. Meanwhile, advertising should become the company's largest growth driver over time when its ad-tiered plans and live content gain more scale.</p>
<div class="lb-trans"><p>尽管如此，奈飞的基本面没有发生根本变化。公司仍然受益于价格上涨，同时其会员数量继续增长，尤其是在国际市场。与此同时，随着其广告分层计划和直播内容规模的扩大，广告将成为公司未来最大的增长驱动力。</p>
</div><p>However, with the stock trading at a forward price-to-earnings ratio (P/E) of 47 times analyst estimates for 2025, even after the pullback, I would not be a buyer at current levels. I think the stock has solid potential over the long term, but I'd still want a cheaper valuation before I hop on board.</p>
<div class="lb-trans"><p>然而，考虑到该股票的前瞻市盈率（P/E）为 47 倍，基于分析师对 2025 年的预估，即使在回调后，我也不会在当前水平买入。我认为该股票在长期内具有良好的潜力，但我仍希望在进入之前能有更便宜的估值。</p>
</div>

Netflix Lifted Guidance. Is the Stock a Buy Following Its Drop?

- Netflix 第二季度营收增长 16% 至 110.8 亿美元，超出分析师预期。  
- 国际市场收入增长显著，亚太地区增长 24%。  
- 尽管业绩强劲，股价仍下跌，投资者需谨慎。  

奈飞提高了业绩指引。股价下跌后是否值得买入？